You may be tempted not to plan anything after the train wreck that was 2020, but knocking out a few financial tasks early in the year can help you better prepare for whatever 2021 has in store.
File your tax return immediately.
You will help stop refund-stealing identity thieves if you file your tax return early. Also, if you were owed a stimulus check in 2020 but did not receive it, or you should have made more of a claim, you can claim the missing money on your return.
You’ll have more time to find the money if you know you owe the IRS sooner rather than later.
Unemployment benefits are generally taxable. As a result, many who received last year’s extended benefits may face a higher tax bill this year, tax experts say.